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OIL: Crude Little Changed After US Oil Inventory Data

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Crude futures remain relatively unchanged in reaction to the updated EIA US weekly petroleum data. Both diesel and gasoline crack spreads are trading lower today with diesel demand falling further below normal this week.

  • US crude inventories fell more than expected driven by a bid drop in imports, especially in PADD3, and despite a rebound in crude production up to 13.49mb/d. Refinery runs showed a small increase back up to 90.5% as Gulf Coast runs remain at the highest seasonal level in six years with the restart of several units. Exports continued to recover, rising for a third straight week. Cushing stocks fell in line with API data to remain at five year lows. Data also showed a large increase in the adjustment factor.
  • Gasoline stocks showed another unexpected increase this week due to higher production while both imports and exports recovered higher. The four week average implied gasoline demand edged lower in line with the seasonal trend to hold just below normal for the time of year.
  • Distillates stocks also showed an increase in production, but stocks showed a smaller build due a rise in exports while weekly implied demand edged lower. The four week average distillates demand also fell to remain below the previous seasonal five year range and the lowest since early September.
    • Brent JAN 25 up 0.3% at 73.04$/bbl
    • WTI JAN 25 up 0.4% at 69.03$/bbl
    • Brent JAN 25-FEB 25 up 0.02$/bbl at 0.51$/bbl
    • Brent JUN 25-DEC 25 up 0.05$/bbl at 1.01$/bbl
    • US gasoline crack down 0.5$/bbl at 12.5$/bbl
    • US ULSD crack down 0.6$/bbl at 24.85$/bbl
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Crude futures remain relatively unchanged in reaction to the updated EIA US weekly petroleum data. Both diesel and gasoline crack spreads are trading lower today with diesel demand falling further below normal this week.

  • US crude inventories fell more than expected driven by a bid drop in imports, especially in PADD3, and despite a rebound in crude production up to 13.49mb/d. Refinery runs showed a small increase back up to 90.5% as Gulf Coast runs remain at the highest seasonal level in six years with the restart of several units. Exports continued to recover, rising for a third straight week. Cushing stocks fell in line with API data to remain at five year lows. Data also showed a large increase in the adjustment factor.
  • Gasoline stocks showed another unexpected increase this week due to higher production while both imports and exports recovered higher. The four week average implied gasoline demand edged lower in line with the seasonal trend to hold just below normal for the time of year.
  • Distillates stocks also showed an increase in production, but stocks showed a smaller build due a rise in exports while weekly implied demand edged lower. The four week average distillates demand also fell to remain below the previous seasonal five year range and the lowest since early September.
    • Brent JAN 25 up 0.3% at 73.04$/bbl
    • WTI JAN 25 up 0.4% at 69.03$/bbl
    • Brent JAN 25-FEB 25 up 0.02$/bbl at 0.51$/bbl
    • Brent JUN 25-DEC 25 up 0.05$/bbl at 1.01$/bbl
    • US gasoline crack down 0.5$/bbl at 12.5$/bbl
    • US ULSD crack down 0.6$/bbl at 24.85$/bbl